Monday, November 28, 2016

Eni aims to cut stake in Zohr field to 50 pct, could happen quickly - REUTERS

Mon Nov 28, 2016 4:50pm GMTReporting by Stephen Jewkes, writing by Agnieszka Flak

MILAN Nov 28 (Reuters) - Italian energy group Eni plans to reduce its stake in the giant Zohr gas field offshore Egypt to 50 percent, Chief Executive Claudio Descalzi said on Monday.

The company, which owns the whole concession that includes Zohr, already agreed to sell a 10 percent stake to BP for $375 million last week. In addition, BP will also reimburse Eni around $150 million in past expenditure costs.

"We believe we can operate the field with 50 percent, that's my objective," Descalzi told journalists on the sidelines of an event in Milan when asked whether Eni could reduce its stake further.

"This could happen fairly quickly, in our business that could also mean a few months." 
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